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SHORT-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply (SRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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Lesson 5: Demand | Unit 3: Demand Curve Page: 9 of 20

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This table is a demand schedule presenting the relationship between demand price and quantity demanded.

Assumptions:

  • Ceteris paribus factors do not change.
  • Data is for a specific time period.
Observations:
  • First, higher prices go with lower quantities demanded-the law of demand.
  • Second, the prices and quantities are maximum values.
  • Third, demand is the whole set of price/quantity pair numbers. Quantity demanded is any single number at the specified price.
  • By the way, these numbers are hypothetical.

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AGGREGATE EXPENDITURES LINE

A graphical depiction of the relation between aggregate expenditures by the four macroeconomic sectors (household, business, government, and foreign) and the level of aggregate income or production. In Keynesian economics, the aggregate expenditures line is the essential component of the Keynesian cross analysis used to identify equilibrium income and production. Like any straight line, the aggregate expenditures line is characterized by vertical intercept, which indicates autonomous expenditures, and slope, which indicates induced expenditures. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking investment, government purchases, and net exports to the consumption line.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for the happiest person in the room.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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